What (who) is labor and materials - definition

AGREEMENT WHERE THE CUSTOMER WILL BE CHARGED FOR TIME AND MATERIALS USED

Labor and materials; Time And Materials; Time and Materials

labor and materials

(time and materials) n. what some builders or repair people contract to provide and be paid for, rather than a fixed price or a percentage of the costs. In many states, if the person performing the work is not a licensed contractor, he/she is limited to labor and materials in any lawsuit for contract payment, and may not receive a profit above that amount. Consumers who believe they will get a better deal from someone working for labor or time and materials should beware and watch receipts and keep track of actual labor hours worked.

Time and materials

Time and materials (T&M) is a standard phrase in a contract for construction, product development or any other piece of work in which the employer agrees to pay the contractor based upon the time spent by the contractor's employees and subcontractors employees to perform the work, and for materials used in the construction (plus the contractor's mark up on the materials used), no matter how much work is required to complete construction. Time and materials is generally used in projects in which it is not possible to accurately estimate the size of the project, or when it is expected that the project requirements would most likely change.

https://en.wikipedia.org/wiki/Time_and_materials

Materials science

RESEARCH, DISCOVERY AND DESIGN OF PHYSICAL MATERIALS (ESPECIALLY SOLIDS)

Materials Science; Material science; Materials engineering; Material engineering; Materials Science and Technology; Material Science; Material Engineering; Matsci; Materials engineer; Advanced material; Materials science and engineering; Materials scientist; Engineered materials; Material sciences; Metallurgy & Materials Engineering; Materials Science & Engineering; Materials research; Materials Chemistry; Materials physics; Materials Technology; Materials technology; Materials Scientist; Material scientist; Materials chemistry; Materials Engineering; Engineering materials; Materials Science Engineering; Materials science engineering; Materials sciences; Digital materials; Material Science and Engineering; Digital Materials; Material Sciences; Material chemistry; Material physics; Science of Materials; Engineering material; Science of materials; Modern materials

The interdisciplinary field of materials science covers the design and discovery of new materials, particularly solids. The field is also commonly termed materials science and engineering emphasizing engineering aspects of building useful items, and materials physics, which emphasizes the use of physics to describe material properties.

https://en.wikipedia.org/wiki/Materials_science

Wikipedia

Time and materials

Time and materials (T&M) is a standard phrase in a contract for construction, product development or any other piece of work in which the employer agrees to pay the contractor based upon the time spent by the contractor's employees and subcontractors employees to perform the work, and for materials used in the construction (plus the contractor's mark up on the materials used), no matter how much work is required to complete construction. Time and materials is generally used in projects in which it is not possible to accurately estimate the size of the project, or when it is expected that the project requirements would most likely change.

This is opposed to a fixed-price contract in which the owner agrees to pay the contractor a lump sum for fulfillment of the contract no matter what the contractors pay their employees, sub-contractors and suppliers.

Many time and materials contracts also carry a guaranteed maximum price, which puts an upper limit on what the contractor may charge, but also allow the owner to pay a lesser amount if the job is completed more quickly.

https://en.wikipedia.org/wiki/Time and materials

Examples of use of labor and materials

1. "Furthermore, bottlenecks in the labor market contributed significantly to the upward pressures on prices as the costs of labor and materials have increased," it added.

2. Clients are facing a shortage of contracting capacity while contractors are having difficulty sourcing labor and materials," said a report by the Middle East Economic Digest (MEED) Contractors Survey 2007.

3. If you look at any products at the market place and breakdown its components, i.e, labor and materials, the evidence is clear that labor productivity and efficiency is becoming a critical element.